Algae Market Report, by Cultivation Technology (Open Pond, Natural Settings, and Closed System), by Product Type (Microalgae and Macroalgae), by Application (Food & Beverages, Nutraceutical, Pharmaceutical, Cosmetics, Animal and Fish Feed, Biofuel

Algae are photosynthetic eukaryotic organisms that grow in aquatic climates and use light and carbon dioxide (CO2) in order to create biomass. The market demand is continuously growing for macro algae and micro algae food, owing to the functional benefits beyond the traditional considerations of health and nutrition. Furthermore, algae has the ability to offer higher oil yield as compared to biofuel feedstock containing sorghum, corn Stover, beet, and corn. Thus, creating immense opportunities for growth of the global algae market.

The demand for algae in the plastic industry to manufacture biodegradable plastic, is another factor boosting the market growth. Increasing use of algae in various applications such as food & beverages, pharmaceutical, nutraceutical, cosmetics, fertilizer, and others is projected to propel the demand for algae over the forecast period.

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Algae extraction and production involves high-cost equipment and expensive techniques. High investments in R&D for improving the production techniques to reduce cost by the government and companies is expected to serve as a major opportunity for the market.

The U.S. Department of Energy (DOE) encourages the production of fuels to blend stocks derived from biomass. This feed stock is applied in fundamental research that advances biomass conversion, production, and sustainability.

The global algae market was valued at US$ 3,769.6 million in 2018, and is expected to register a CAGR of 5.3% in terms of revenue over the forecast period (2019 – 2027), to reach US$ 5,978.4 million by 2027.

North America accounted for the largest market share in the global algae market in 2018. This is owing to the increasing use of algae in feed additives. Furthermore, Asia Pacific is predicted to record the fastest growth over the forecast period, attributing to rising spending of the populace on cosmetics and skincare products in the region.

Major players operating in the global algae market include Cyanotech Corporation, Dic Corporation, Corbion N.V, Valagro Spa, Far East Microalgae Industries Co. Ltd., Beijing Gingko Group, Heliae Development Llc, Pond Technologies Holdings Inc., Algaetech International Sdn Bhd, Fuqing King Dnarmsa Spirulina Co. Ltd., Sun Chlorella Corporation, and Ecoduna Ag.

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